Business bosses urge Theresa May to show leadership after in-fighting farce

Theresa May has survived a vote of no confidence, dramatically defeating a bid to oust her as Conservative Party leader: PA
Theresa May has survived a vote of no confidence, dramatically defeating a bid to oust her as Conservative Party leader: PA

Theresa May received no respite on Thursday from business leaders, who immediately called on the Prime Minister to urgently agree a Brexit deal and put the “Westminster sideshow” vote she survived last night behind her.

Bosses from the retail, property, outsourcing and tech sectors made their pleas as the pound hung on to gains made following the thwarting of the Brexiteers’ attempt to topple May.

The embattled PM narrowly won a vote on whether she should remain Conservative party leader by 200 votes to 117 last night.

Jon Di-Stefano at Telford Homes said: “What we do need is to swiftly put a final EU deal before parliament.” He added: “If that fails to gain support then I can’t see any other reasonable outcome than another referendum.”

Rival housebuilder Bellway’s Jason Honeyman warned: “If a solution isn’t found by January then you will find jobs and investment will be at risk.”

In the retail industry, Harrods’ managing director Michael Ward said: “The country is going through a period of unsustainable uncertainty, which is impacting the ability of businesses to plan for any form of Brexit outcome. The Prime Minister and the Government now need to concentrate on providing much-needed leadership at such a crucial point in the Brexit process.”

David Atkins, chief executive at shopping centres giant Hammerson, said: “The latest Westminster sideshow is behind us. However, we urgently need Brexit clarity to provide the stability which is vital for both business and consumer confidence.”

Atkins said that without stability boardroom decision making is “tougher” and any further uncertainty will affect UK business in 2019.

Rupert Soames, a grandson of Winston Churchill and the boss of government contractor Serco, said: “The ever-present risk of a political coup has been removed, which is helpful for business.”

Mulberry’s chief Thierry Andretta also cheered the vote verdict and said: “Let’s move on and get some Brexit clarity. Mulberry needs clarity either way.”

Gerard Grech, at digital industry networking group Tech Nation, the UK networking group for digital entrepreneurs, said he hopes May will secure a deal that recognises that “a smart immigration policy that embraces talent from all four corners of the world is essential to the digital tech sector’s continuing success”. Tech Nation counts Farfetch, Deliveroo and Funding Circle as members.

Sterling made modest gains although analysts said further volatility lay ahead that could affect the currency.

Michael Hewson, chief market analyst at CMC Markets, said: “It is highly unlikely that the Brexit withdrawal agreement will be able to make it through the UK parliament whatever tweaks the PM is able to wrangle out of EU leaders.”

UBS economist Dean Turner said: “What markets fear the most, a disruptive no-deal outcome on March 29, has not been made any more likely.”